Kitco News poll: gold prices will grow beyond $3,000 this week

15 analysts participated in the last week’s Kitco News poll on the outlook for gold price. Nine of them expect the precious metal to rise this week. Three analysts predict a decline, while the remaining respondents forecast a consolidation.

According to another Kitco online survey, 175 retail traders out of 262 surveyed believe the gold price is to reach $3,000.

Kitco News highlights that the current week will feature a lot of economic events that can affect the metal price movement. Central banks will be in the spotlight. The regulators of Japan, US, Switzerland and Great Britain are expected to make decisions on interest rates this week. 

According to the forecasts of Marc Chandler of Bannockburn Global Forex, gold price may pull back from the level of $3,000 after overcoming it. The expert gives such a forecast due to the risk of a more hawkish stance by the US Federal Reserve System and, therefore, a stronger dollar.

Meanwhile, Kevin Grady of Phoenix Futures and Options expects the precious metal to fluctuate around $3,000, partly due to consistent demand from central banks.